Banking Exchange

MARCH 2, 2020

Errors and attempted fraud connected to mortgage applications fell by 3% in January and is down by more than a quarter year-on-year Mortgage Credit Bank Performance The Economy Feature Financial Trends Mortgage Fair Lending Mortgage Compliance Mortgage/CRE Residential Feature3.

Compliance 78

Compliance Lending Fraud Trends 78

Abrigo

MAY 24, 2023

Takeaway 3 While the SAFE Banking Act has had a rocky past, the current ongoing support and shifting attitudes provide reasons for cautious optimism. Takeaway 2 Considering the urgent need for a legislative solution, the SAFE Banking Act of 2023 could bridge the gap between state and federal marijuana laws.

Lending 195

Lending Fraud Operations Ohio 195

CFPB Monitor

OCTOBER 25, 2022

Under the settlement, Rhinebeck will pay a $950,000 civil money penalty, provide restitution to borrowers, and develop a compliance plan which includes updates to its auto policies to cap dealer markups on installment contracts purchased by the bank. to 2.5% (and up to 3%, in a small number of cases) depending on the term of the contract.

New York 78

New York Lending Community Bank Community 78

CFPB Monitor

FEBRUARY 23, 2021

The New York Department of Financial Services (DFS) recently announced that it has entered into an agreement with Hunt Mortgage , a licensed mortgage banker, to address the DFS’s findings that there was a “demonstrable lack of lending to minorities and in majority-minority neighborhoods in Western and Central New York by Hunt Mortgage.”

New York 78

New York Lending Report Policies 78

Gonzobanker

JUNE 14, 2023

Cross River Bank recently found itself in hot water with the FDIC when the agency declared that the bank engaged in unsafe or unsound banking practices in relation to its compliance with fair lending laws and regulations, specifically the Equal Credit Opportunity Act and the Truth-in-Lending Act.

Compliance 109

Compliance FDIC Strategy Fintech 109

CFPB Monitor

MAY 7, 2020

The CFPB’s annual fair lending report covering its 2019 activities is scheduled to be published in tomorrow’s Federal Register. The Bureau states that an area of innovation that it is monitoring for fair lending and credit access issues is “artificial intelligence (AI), and more specifically, machine learning (ML), a subset of AI.”

Lending 78

Lending Report FDIC Policies 78

Abrigo

MARCH 14, 2022

In addition, leveraging lending correspondence software creates a better user experience and streamlines the internal processes. It’s also important to track these exceptions in aggregate across the portfolio, as they point out holes in underwriting standards or compliance problems. Workflow or audit trails for accountability.

Software 195

Software System Policies Data 195

CFPB Monitor

FEBRUARY 28, 2022

While the outline addresses an upcoming joint rulemaking to implement quality control requirements for AVMs, the CFPB specifically focuses on the potential for AVMs to pose fair lending risks to homebuyers and homeowners. However, automated valuation models can pose fair lending risks to homebuyers and homeowners.

Lending 78

Lending Policies System Compliance 78

CFPB Monitor

MARCH 28, 2022

First, on March 3, 2021 , Rep. Clyburn sought information from the nation’s largest lenders on their PPP lending policies and compliance efforts, including Anti-Money Laundering (“AML”) and know-your-customer (“KYC”) policies. James Clyburn, made several overtures to PPP lenders.

Fraud 146

Fraud Compliance Lending Policies 146

Abrigo

AUGUST 12, 2020

FIs must confront misconceptions about relating fair value and CECL, such as the belief that discount rates are the same for fair value and CECL. Explicit reconcilements between fair value estimates and allowance calculations are inappropriate. Challenges of relating fair value and CECL. Talk to a specialist.

Capital 195

Capital System Comparison Strategy 195

Abrigo

AUGUST 12, 2020

FIs must confront misconceptions about relating fair value and CECL, such as the belief that discount rates are the same for fair value and CECL. Explicit reconcilements between fair value estimates and allowance calculations are inappropriate. Challenges of relating fair value and CECL. Talk to a specialist.

Capital 195

Capital System Comparison Strategy 195

Abrigo

AUGUST 12, 2020

FIs must confront misconceptions about relating fair value and CECL, such as the belief that discount rates are the same for fair value and CECL. Explicit reconcilements between fair value estimates and allowance calculations are inappropriate. Challenges of relating fair value and CECL. Talk to a specialist.

Capital 195

Capital System Comparison Strategy 195

CFPB Monitor

JUNE 23, 2022

to resolve allegations that Meta engaged in discriminatory advertising in violation of the Fair Housing Act (FHA). The settlement highlights the need for companies to be mindful of fair lending risk when formulating their social media and other advertising plans. formerly known as Facebook Inc.,

System 148

System Leadership social media Compliance 148

CFPB Monitor

OCTOBER 26, 2021

The Biden Administration’s prioritization of fair lending as a law enforcement focus took center stage last week with the announcement that the U.S. Attorneys’ Offices “as force multipliers to ensure that fair lending enforcement is informed by local expertise on housing markets and the credit needs of local communities of color.”.

Mississippi 78

Mississippi Memphis National Tennessee 78

CFPB Monitor

NOVEMBER 18, 2021

It is clear from the title of the CFPB’s press release announcing the assessment, “ CFPB Seeks Input on Detecting Discrimination in Mortgage Lending ,” that the CFPB is treating this assessment as an initiative addressing fair lending.

Compliance 78

Compliance Data Lending Operations 78

CFPB Monitor

JULY 8, 2019

The CFPB’s annual fair lending report covering its 2018 activities was published in today’s Federal Register. In addition to discussing the symposium and Data Point report in the section on “Access to Credit,” the new fair lending report discusses conducting supervisory reviews of alternative credit scoring models.

Lending 60

Lending Report Policies Compliance 60

CFPB Monitor

NOVEMBER 22, 2022

While the report does not address “true lender” challenges in bank/fintech lending relationships, it does discuss the risk of “so-called ‘rent-a-charter’ schemes that market themselves as innovative fintech lending platforms, but operate with essentially the same harmful business model as a traditional payday lender.”

Fintech 78

Fintech Report Data Lending 78

CFPB Monitor

JULY 27, 2016

Department of Justice of charges that the bank’s mortgage lending practices violated the Equal Credit Opportunity Act and Fair Housing Act by redlining majority-minority neighborhoods in the Memphis MSA and illegally discriminating against African Americans in the underwriting and pricing of certain mortgage loans. ”

Memphis 60

Memphis Policies Lending Compliance 60

CFPB Monitor

APRIL 7, 2022

The FDIC has issued the March 2022 edition of Consumer Compliance Supervisory Highlights which includes a description of some of the most significant consumer compliance issues identified by FDIC examiners during consumer compliance examinations conducted in 2021. Fair lending.

FDIC 78

FDIC Compliance Lending Regulation 78

CFPB Monitor

APRIL 29, 2015

The CFPB has issued a fair lending report covering its fair lending activities during 2014. The report states that in 2014, CFPB fair lending supervisory and public enforcement actions required institutions to provide approximately $224 million in remediation.

Lending 60

Lending Report Policies Compliance 60

CFPB Monitor

OCTOBER 27, 2022

Earlier that same month, the CFPB announced it would exercise its supervisory authority under the Consumer Financial Protection Act to scrutinize discriminatory conduct as an unfair practice independent of federal fair lending laws. which is being challenged in court by the U.S. Consumer Financial Protection Bureau.

Groups 78

Groups Exercises Lending Policies 78

FICO

AUGUST 25, 2021

MYTH #3: We will always struggle to balance compliance and customer experience. DEBUNK: It’s the never-ending battle—staying up-to-date with compliance, offering transparency, and delivering the best customer experience. This “enriched documentation” improves CEX, provides transparency, and supports compliance.

Compliance 52

Compliance Customer Experience Analytics Lending 52

CFPB Monitor

DECEMBER 13, 2021

The report discusses the Bureau’s examinations in the areas of credit card account management, debt collection, deposits, fair lending, mortgage servicing, payday lending, prepaid accounts, and remittances that were completed between January 2021 and June 2021. Fair lending. Payday lending. Prepaid accounts.

Lending 78

Lending Cards Regulation Payments 78

CFPB Monitor

APRIL 11, 2022

The stipulated order requires the dealerships to pay $9,950,000 to the FTC to provide monetary relief to consumers, and $50,000 to the Illinois Attorney General Court Ordered and Voluntary Compliance Payment Projects Fund. In its press release , the FTC calls the settlement “a record-setting monetary judgment for an FTC auto lending case.”.

Illinois 78

Illinois Policies Lending Retail 78

Abrigo

APRIL 19, 2016

Encourage responsible innovation that provides fair access to financial services and fair treatment of consumers. They could choose to continue with business as usual and write off fintech or alternative lending as just another threat that could come and go. These principles call for the regulator to: 1.

Innovation 150

Innovation Fintech Risk Management Community Bank 150

CFPB Monitor

JANUARY 12, 2021

Congress should authorize the Bureau to issue licenses to non-depository institutions that provide lending, money transmission, or payment services. Congress should adopt FCRA class action damages limits in order to bring the FCRA civil liability provision in line with other consumer protections statutes such as the TILA and ECOA.

Report 78

Report Regulation Policies Compliance 78

CFPB Monitor

JULY 6, 2016

In its Summer 2016 Supervisory Highlights , which covers supervision work generally completed between January and April 2016, the CFPB highlights violations found by its examiners involving automobile origination, debt collection, mortgage origination, small-dollar lending, and fair lending. Small-dollar lending.

Lending 68

Lending Regulation Compliance System 68

CFPB Monitor

OCTOBER 13, 2020

The comment period for the Proposed Rule closed on September 3, 2020. For example, the Marketplace Lending Association, a trade association for banks and companies that cap rates at 36% per annum on their loans, wrote: “without access to affordable credit, consumers will be in danger of being ensnared in high cost or predatory debt traps.”.

Lending 60

Lending Colorado FDIC National 60

CFPB Monitor

SEPTEMBER 10, 2020

In 2019, California enacted AB-539, the Fair Access to Credit Act (FACA), which, effective January 1, 2020, limits the interest rate that can be charged on loans of $2,500 to $10,000 by lenders licensed under the California Financing Law (CFL) to 36% plus the federal funds rate. On September 29, 2020, from 3:00 p.m. to 4:30 p.m.

Utah 78

Utah California FDIC West Virginia 78

CFPB Monitor

JUNE 18, 2019

Last week, the FDIC published its Consumer Compliance Supervisory Highlights that provides observations about its consumer compliance supervision activities in 2018. The CFPB has similarly articulated concerns with such arrangements, including in its Bulletin 2015-05. Lines of Credit – Finance Charge Calculation and Disclosure.

FDIC 60

FDIC Compliance Regulation Training 60

CFPB Monitor

DECEMBER 7, 2015

The highly critical nature of the report is encapsulated by its title, which is “Unsafe at Any Bureaucracy: CFPB Junk Science and Indirect Auto Lending.” The report was announced in a press release which is titled “Internal Documents Reveal Weakness of CFPB’s ‘Disparate Impact’ Claims Against Vehicle Finance Business.”.

Report 60

Report Policies Lending Analytics 60

CFPB Monitor

JUNE 25, 2015

In its Summer 2015 Supervisory Highlights , which covers supervision work generally completed between January and April 2015, the CFPB highlights legal violations resolved using non-public supervisory actions involving consumer reporting, debt collection, student loan servicing, mortgage origination and servicing, and fair lending.

Report 60

Report Lending Policies Regulation 60

CFPB Monitor

NOVEMBER 7, 2016

In its Fall 2016 Supervisory Highlights , which covers supervision work generally completed between May and August 2016, the CFPB highlights violations found by its examiners involving origination and servicing of auto financing, debt collection, mortgage origination and servicing, student loan servicing, and fair lending.

Lending 83

Lending Report Regulation Policies 83

FICO

MAY 2, 2023

I sat down with UK lenders in two roundtable discussions in March to explore the different approaches being taken to Consumer Duty compliance. Whilst the challenges came through loud and clear, it was also apparent that the potential upsides are clearly understood.

Compliance 52

Compliance How To Tools Strategy 52

CFPB Monitor

JULY 6, 2021

Not complying with the FCRA 3-business day requirement for placing a security freeze on a consumer’s credit report after receiving the consumer’s freeze request. Fair lending. In several examinations that identified such errors, the root causes were deficiencies in the institutions’ compliance management systems.

Lending 78

Lending Report Regulation Analysis 78

PYMNTS

OCTOBER 1, 2018

The DOJ investigation centered on whether LendingClub had – between January 2009 to September 2010 – misled its FDIC-insured loan originator, WebBank , leading the bank to underwrite over 200 loans that did not conform to the bank’s lending requirements. lending marketplace. Attorney Alex Tse. “We The Response.

Lending 135

Lending Fraud Management San Francisco 135

Gonzobanker

JANUARY 17, 2020

For execs who climbed the ladder in finance, lending or branches, buckle in because the techies are about to steal the show. Improved mobile banking and e-payment offerings for business clients and the digitization of commercial lending must become top priorities for commercial executives. The delay has been too long.

Customer Experience 135

Customer Experience Fintech Regional Cards 135